USDCAD increased sharply more than 100 pips after BOC cuts rates by 50 bps to 1.25% yesterday. Following the footsteps of the Fed, the Canadian central bank slashed the rates due to risks of COVID-19. The pair hits high of 1.34315 and is currently trading around 1.34106.
Technically, it is facing substantial resistance at 1.3435 and any violation high will take the pair to next level till 1.3465. Bullish continuation only beyond 1.3465 and jump till 1.3500 likely.
On the flip side, near term support at 1.3400 and indicative break beneath targets 1.3360/1.3320.
It is good to buy on dips around 1.3400 with SL around 1.3360 for the TP of 1.3500.
